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Income Taxes (Tables)

12 Months Ended

Mar. 27, 2021

Income Tax Disclosure [Abstract]

Domestic and foreign pretax income (loss)

Domestic and foreign pretax income (loss) are as follows:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Domestic						$	(285.0)					$	(82.9)					$	66.6
Foreign						210.2						409.3						515.9
Total income (loss) before income taxes						$	(74.8)					$	326.4					$	582.5

Benefits (provisions) for current and deferred income taxes

Benefits (provisions) for current and deferred income taxes are as follows:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Current:
Federal						$	38.5					$	1.5					$	(37.3)
State and local						1.5						(19.8)						(11.9)
Foreign						(50.7)						(92.6)						(93.9)
						(10.7)						(110.9)						(143.1)
Deferred:
Federal						(19.2)						18.0						(5.0)
State and local						3.5						5.6						(6.9)
Foreign						(19.9)						145.2						3.4
						(35.6)						168.8						(8.5)
Total income tax benefit (provision)						$	(46.3)					$	57.9					$	(151.6)

Tax rate reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Benefit (provision) for income taxes at the U.S. federal statutory rate						$	15.7					$	(68.5)					$	(122.3)
Change due to:
State and local income taxes, net of federal benefit						6.1						(1.5)						(12.4)
Foreign income taxed at different rates, net of U.S. foreign tax credits						(4.8)						24.7						27.6
Unrecognized tax benefits and settlements of tax examinations						(4.6)						(9.2)						(3.4)
Changes in valuation allowance on deferred tax assets						(34.9)						(1.7)						(1.4)
TCJA enactment-related charges						—						—						(27.6)
Swiss Tax Act benefit (expense)						(13.8)						125.3						—
Compensation-related adjustments						(12.9)						(10.7)						(11.6)
Charitable contributions						7.4						0.2						0.2
Transfer pricing adjustments						(4.1)						—						—
Other						(0.4)						(0.7)						(0.7)
Total income tax benefit (provision)						$	(46.3)					$	57.9					$	(151.6)
Effective tax rate(a)						(61.9		%)				(17.7		%)				26.0		%

(a)Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes.

Deferred taxes

Significant components of the Company's deferred tax assets and liabilities are as follows:

						March 27, 2021						March 28, 2020
						(millions)
Lease liabilities						$	406.6					$	428.9
Net operating loss carryforwards						59.6						42.6
Deferred compensation						49.7						50.2
Inventory basis difference						44.9						54.0
GILTI-related carryforwards						34.1						—
Receivable allowances and reserves						30.5						45.6
Unrecognized tax benefits						23.3						17.1
Property and equipment						22.8						3.0
Charitable contribution carryforwards						18.4						—
Accrued expenses						13.0						10.5
Transfer pricing						4.1						9.0
Cumulative translation adjustment and hedges						4.0						(17.6)
Lease right-of-use assets						(322.0)						(353.0)
Goodwill and other intangible assets						(48.2)						(30.0)
Other						4.4						12.2
Valuation allowance						(72.0)						(37.3)
Net deferred tax assets(a)						$	273.2					$	235.2

(a)Net deferred tax balances as of March 27, 2021 and March 28, 2020 were comprised of non-current deferred tax assets of $283.9 million and $245.2 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $10.7 million and $10.0 million, respectively, recorded within other non-current liabilities in the consolidated balance sheets.

Reconciliation of unrecognized tax benefits, excluding interest and penalties

Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2021, Fiscal 2020, and Fiscal 2019 are presented below:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Unrecognized tax benefits beginning balance						$	72.7					$	65.2					$	64.2
Additions related to current period tax positions						3.2						6.0						4.9
Additions related to prior period tax positions						8.8						30.5						11.7
Reductions related to prior period tax positions						(4.2)						(18.7)						(5.5)
Reductions related to expiration of statutes of limitations						(2.1)						(1.2)						(4.1)
Reductions related to settlements with taxing authorities						(9.6)						(8.8)						(3.1)
Additions (reductions) related to foreign currency translation						2.6						(0.3)						(2.9)
Unrecognized tax benefits ending balance						$	71.4					$	72.7					$	65.2

Reconciliation of accrued interest and penalties related to unrecognized tax benefits

Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2021, Fiscal 2020, and Fiscal 2019 are presented below:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Accrued interest and penalties beginning balance						$	16.2					$	13.6					$	15.0
Net additions charged to expense						5.5						7.0						3.0
Reductions related to prior period tax positions						(1.7)						(1.9)						(3.4)
Reductions related to settlements with taxing authorities						(0.3)						(2.5)						(0.8)
Additions (reductions) related to foreign currency translation						0.3						—						(0.2)
Accrued interest and penalties ending balance						$	20.0					$	16.2					$	13.6

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